Title 5, TITLE 5. STATE AND LOCAL ADMINISTRATION

Sec. 11. The corporation may do the following: (1) Designate a global commerce center pilot program under section 12 of this chapter. (2) Establish a procedure by which the global commerce center pilot program may be monitored and evaluated on an annual basis. (3) Promote the glo…

Sec. 12. (a) If a district applies to the corporation to have part of the area served by the district designated as a global commerce center, the corporation may approve the district's application if the corporation determines that the district's proposed global commerce center m…

Sec. 13. If a global commerce center is designated under section 12 of this chapter, an unlimited number of spokes may be added to the global commerce center at the discretion of the fiscal bodies of the counties served by the district and the district board. As added by P.L.203-…

Sec. 14. (a) After a global commerce center is designated under section 12 of this chapter, the district shall send to the department of state revenue: (1) a certified copy of the designation of the global commerce center under section 12 of this chapter; and (2) a complete list …

taxpayer reporting Sec. 15. (a) Before the first business day in October of each year, the department of state revenue shall calculate the income tax incremental amount and the gross retail incremental amount for the preceding state fiscal year for each global commerce center des…

distributions Sec. 16. (a) The treasurer of state shall establish an incremental tax financing fund for each global commerce center designated under this chapter. The fund shall be administered by the treasurer of state. Money in the fund does not revert to the state general fund…

Sec. 17. (a) A county fiscal body in which a hub or spoke is located may allocate three percent (3%) of the tax increment revenues attributable to the hub or spoke to the district if the county fiscal body adopts a resolution under subsection (b). (b) The county fiscal body may a…

Sec. 18. (a) A unit may issue bonds for the purpose of providing public facilities under this chapter. (b) The bonds are payable from any funds available to the unit. (c) The bonds shall be authorized by a resolution of the unit. (d) The terms and form of the bonds shall be set o…

permitted uses Sec. 19. (a) The district shall establish a regional economic development fund. (b) The fund consists of: (1) revenues received under section 16 of this chapter; (2) property taxes allocated to the district under section 17 of this chapter; and (3) any other funds …

Sec. 2. As used in this chapter, "district" means the Eastern Indiana Economic Development District. As added by P.L.203-2005, SEC.2.

Sec. 20. A global commerce center expires fifteen (15) years after it is designated by the corporation. As added by P.L.203-2005, SEC.2.

designation Sec. 21. (a) The corporation may revoke the corporation's designation of a global commerce center pilot program at the discretion of the corporation. (b) Notwithstanding a revocation made under subsection (a), a debt or an obligation incurred during the period in whic…

Sec. 3. As used in this chapter, "high technology activity" has the meaning set forth in IC 36-7-32-7. As added by P.L.203-2005, SEC.2.

Sec. 4. As used in this chapter, "hub" means a regional economic development project that is: (1) selected by a district for development as a global commerce center; and (2) designated as a global commerce center under this chapter. As added by P.L.203-2005, SEC.2.

Sec. 5. As used in this chapter, "income tax base period amount" means the total amount of local income tax (IC 6-3.6) paid by employees employed in the territory comprising a global commerce center with respect to wages and salary earned for work in the global commerce center fo…

Sec. 6. As used in this chapter, "income tax incremental amount" means the remainder of: (1) the total amount of local income tax (IC 6-3.6) paid by employees employed in the territory comprising the global commerce center with respect to wages and salary earned for work in the t…

Sec. 7. As used in this chapter, "public facilities" includes a street, a road, a bridge, a storm water or sanitary sewer, a sewage treatment facility, a facility designed to reduce, eliminate, or prevent the spread of identified soil or groundwater contamination, a drainage syst…

Sec. 8. As used in this chapter, "spoke" means an economic development project that is: (1) located within the area served by a district; (2) undertaken to support the activities of a hub; and (3) treated as a global commerce center under this chapter upon the approval of the dis…

Sec. 1. This chapter applies to grants, loans, and tax credits: (1) applied for; and (2) awarded; after June 30, 2005. As added by P.L.222-2007, SEC.1. Amended by P.L.175-2013, SEC.4.

Sec. 2. As used in this chapter, "grant" refers to a grant given by the corporation. As added by P.L.222-2007, SEC.1.

Sec. 3. As used in this chapter, "loan": (1) refers to a loan made by the corporation, regardless of whether the loan is forgivable; and (2) includes a loan guarantee made by the corporation. As added by P.L.222-2007, SEC.1.

Sec. 4. As used in this chapter, "tax credit" means a state tax liability credit under any of the following: (1) IC 6-3.1-7 (before its expiration). (2) IC 6-3.1-13. (3) IC 6-3.1-26. (4) IC 6-3.1-30. (5) IC 6-3.1-34. As added by P.L.222-2007, SEC.1. Amended by P.L.133-2012, SEC.4…

report Sec. 5. (a) The corporation shall: (1) submit an economic incentives and compliance report to: (A) the governor; and (B) the legislative council in an electronic format under IC 5-14-6; and (2) publish the report on the corporation's Internet web site; on the schedule spec…

Sec. 6. The economic incentives and compliance report required under section 5 of this chapter must include at least the following: (1) The total for each of the following: (A) The number and amount of tax credits, loans, and grants contractually awarded by the corporation. (B) T…

reclaiming grants, loans, or incentives Sec. 7. (a) If, in the course of compiling information to complete a report required by section 5 of this chapter or upon the receipt of any other information concerning noncompliance with the terms and conditions of an incentive granted by…

Sec. 8. (a) As used in this section, "recapture provision" means language that requires the recipient of an incentive to repay some part of the incentive. (b) The corporation may waive or modify a recapture provision of this article or an agreement made with a person to whom the …

summary required Sec. 9. (a) The economic incentives and compliance report required under section 5 of this chapter must include an annual report containing summary statistics on the effectiveness of and compliance with all incentives granted by the corporation. The report requir…

Sec. 1. As used in this chapter, "agreement" means an agreement between a lender and the corporation under which a lender may participate in the program. As added by P.L.162-2007, SEC.24.

Sec. 10. As used in this chapter, "passive real estate ownership" means ownership of real estate for the purpose of deriving income from speculation, trade, or rentals, except that the term does not include the following: (1) Ownership of that part of real estate being used or in…

Sec. 11. As used in this chapter, "program" refers to the capital access program created by this chapter. As added by P.L.162-2007, SEC.24.

Sec. 12. As used in this chapter, "reserve fund" means an account established by the corporation with funds accumulated under this chapter and to cover claims made by the lender under this chapter. As added by P.L.162-2007, SEC.24.

Sec. 13. The capital access program is established. The purpose of the program is to provide capital to businesses, particularly small and medium-sized businesses, to foster economic development in Indiana. Loans made under the program must be slightly riskier than conventional l…

Sec. 14. The corporation shall do the following: (1) Administer the program. (2) Market the program to businesses and other persons in Indiana in cooperation with financial institutions and statewide associations representing financial institutions. (3) If the reserve funds are n…

Sec. 15. A lender is eligible to participate in the program upon entering into an agreement with the corporation governing the duties of the corporation and the lender under the program. The lender shall provide the corporation with information regarding the lender's participatio…

corporation unnecessary to amend documents Sec. 16. Except upon the exercise of the corporation's right of subrogation under section 32 of this chapter, the corporation has no legal or equitable interest in any collateral, security, or other right of recovery in connection with a…

Sec. 17. (a) The following types of loans are eligible loans under the program: (1) Loans for industrial or commercial purposes. (2) Loans to refinance loans made for the purposes in subdivision (1). (3) Loans for line of credit agreements established between the lender and borro…

Sec. 18. (a) To enroll a loan under the program, the lender must file a completed loan enrollment form with the corporation. The lender must also certify the following to the corporation as part of the filing: (1) The lender has no substantial reason to believe that the loan is b…

Sec. 19. When the corporation receives a loan enrollment form, the corporation shall enroll the loan if the information provided under section 18 of this chapter indicates that the loan is an eligible loan. Within five (5) business days after receipt of a loan enrollment form for…

Sec. 2. As used in this chapter in connection with a loan, "amount" and "proceeds" refer only to the amount covered under an agreement, unless the context clearly requires otherwise. As added by P.L.162-2007, SEC.24.

Sec. 20. When filing a loan enrollment form, the lender may specify an amount to be covered under the program. The amount may be less than the total amount of the loan. As added by P.L.162-2007, SEC.24.

Sec. 21. (a) In the case of a loan to refinance a loan previously made to the borrower by the lender that was not enrolled under the program, the lender may obtain coverage under the program for an amount not exceeding the amount of additional financing. (b) If an enrolled loan i…

bankruptcy laws Sec. 22. (a) If the outstanding balance of an enrolled loan that is not a line of credit is reduced to zero (0), the loan is no longer an enrolled loan. If an enrolled loan that is a line of credit has an outstanding balance of zero (0) for a twelve (12) month per…

Sec. 23. Upon execution of an agreement between the lender and the corporation, the corporation shall establish a reserve fund account with the lender in the name of the corporation for the purpose of receiving all required premium charges to be paid by the lender and the borrowe…

Sec. 24. The corporation may not accept loans for enrollment in the program if the corporation does not have sufficient funds to make the necessary transfer from the corporation to the reserve fund under section 25 of this chapter. As added by P.L.162-2007, SEC.24.

Sec. 25. The lender shall determine the premium charges payable to the reserve fund by the lender and the borrower in connection with a loan filed for enrollment. The premium paid by the borrower may not be less than one percent (1%) or greater than three and one-half percent (3.…

Sec. 26. (a) All money credited to the reserve fund is under the exclusive control of the corporation. The corporation may not withdraw money from the reserve fund, except as specifically provided in this chapter. (b) If money in the reserve fund is not deposited by the corporati…

Sec. 27. The corporation shall pledge the following to the lender: (1) The money in the reserve fund will be available to pay claims under section 29 of this chapter. (2) The lender will have a first security interest in the money in the reserve fund to pay the claims. (3) The co…

Sec. 28. (a) If the reserve fund is not maintained with the lender, the corporation shall provide to the lender quarterly transaction reports indicating the following: (1) The balance in the reserve fund. (2) Payments and transfers into the reserve fund. (3) Withdrawals from the …

Sec. 29. (a) If the lender charges off all or part of an enrolled loan, the lender may file a claim with the corporation. The claim must be filed contemporaneously with the charge-off. (b) The lender's claim may include, in addition to the amount of principal charged off plus acc…

Sec. 3. As used in this chapter, "borrower" means the recipient of a loan that is, has been, or will be filed by the lender for enrollment under the program and meets the following requirements: (1) The borrower is a corporation, limited liability company, partnership, joint vent…